February 04, 2020
According to the research report titled ‘Golf Cart Market Size By Fuel (Gasoline, Electric & Solar Powered), By Application (Golf Course, Commercial Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Spain, Netherlands, Italy, China, India, Japan, Australia, South Korea, Thailand, New Zealand, Brazil, Mexico, Argentina, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the golf cart market is expected to register substantial growth by the year 2025.
According to the report, growing number of golf courses along with easy availability of golf equipment are major factors driving the golf cart market growth. Golf carts offer better maneuverability, easy parking, and fuel efficiency properties. Moreover, there has been an upsurge in the demand for economic and low maintenance vehicles. These factors along with technological advancements aimed at improving vehicle safety are further aiding the market expansion.
Various worldwide governments are introducing regulations which promote safe vehicle operations. Thus, favorable government regulations which enable the use of these vehicles are stimulating the industry outlook. Additionally, these regulations have compelled key industry players to develop golf carts with high vehicle performance and carrying capacity, which in turn is stimulating the industry outlook.
As per fuel type, the report states that electric and solar powered golf cart market segment is presumed to expand significantly during the forecast period. These types of vehicles offer reduced noise level, low operation costs, and minimum emission. This factor along with inflating prices of gasoline is fostering the demand for electric and solar powered golf carts across the globe.
Based on the application spectrum, golf cart market from golf course applications is poised to acquire substantial gains in the forthcoming years. Rising adoption of the product to navigate golfers and carry golfing equipment will fuel the segmental growth in the coming years.
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As per the regional analysis, the report cites that the North America golf carts industry will witness considerable growth, primarily driven by high concentration of golf courses and supporting facilities in the U.S. On the other hand, golf cart market in Europe is anticipated to grow substantially owing to increasing expenditure in tourism industry. Various resorts and commercial facilities across the region are developing golf courses in order to entice customers.
The prominent companies operating in the golf cart market are Textron Specialized Vehicles Inc., Suzhou Eagle Electric Vehicle Company Ltd., Prevalence Ltd., Autopower, Tianjin Zhongyi Electric Vehicle Co. Ltd., Dongguan Excellence Golf & Sightseeing Car Co. Ltd., Marshell Green Power, Xiamen Dalle Electric Car Co. Ltd., Volmac Engg. Pvt. Ltd., Speedways Electric., GDrive, Garia, Columbia Vehicle Group Inc., Hitachi Chemical Co. Ltd., Yamaha Golf-Car Co. and Ingersoll Rand Plc.
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